SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

SCHEDULE 13G

(RULE 13D - 102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(b)

(Amendment No. 3)*

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

(Page 1 of 10)

This Schedule 13G reflects the beneficial ownership of the Reporting Persons (as defined below) as of December 31, 2016.

Item 1(a).

Name of Issuer:

AmBase Corporation ("Issuer")

Item 1(b).

Address of Issuer's Principal Executive Offices:

One South Ocean Boulevard, Suite 301

Boca Raton, Florida 33432

Item 2(a).

Name of Persons Filing:

The names of the persons filing this statement on Schedule 13G are (collectively, the "Reporting Persons"):

IsZo GP is the general partner of the Fund.  ICM is the investment manager of the Fund.  Mr. Sheehy is the managing member of IsZo GP and the President of the general partner of ICM.  IsZo GP, ICM and Mr. Sheehy may each be deemed to have voting and dispositive power with respect to the shares of Common Stock (as defined below) held by the Fund.

Item 2(b).

Address of Principal Business Office or, if None, Residence:

Each of the Reporting Persons has a business address at 415 Madison Avenue, 15th Floor, New York, New York 10017.

Item 2(c).

Citizenship:

Mr. Sheehy is a citizen of the United States.

IsZo GP is a limited liability company formed under the laws of the State of Delaware.

Each of the Fund and ICM is a limited partnership formed under the laws of the State of Delaware.

Item 2(d).

Title of Class of Securities:

Common Stock, $0.01 par value per share (the "Common Stock")

Item 2(e).

CUSIP Number:

0231647106

Item 3.

If This Statement is Filed Pursuant to Rule 13d 1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a:

If this statement is filed pursuant to Rule 13d-1(c), check this box [  ]

 

Item 4.

Ownership.

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

(a)

Amount beneficially owned:

As of the close of business on December 31, 2016, the Reporting Persons may be deemed to have  beneficially owned 7,842,785 shares of Common Stock.

(b)

Percent of class:

The aggregate percentage of Common Stock reported owned by each person named herein is based upon 40,737,751 shares outstanding, which is the total number of common shares outstanding on October 31, 2016 as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on November 8, 2016. As of the close of business on December 31, 2016, the Reporting Persons may be deemed to have beneficially owned approximately 19.25% of Common Units outstanding.

(c)

Number of shares as to which such person has:

(i)

Sole power to vote or to direct the vote

See Cover Pages Items 5-9.

(ii)

Shared power to vote or to direct the vote

See Cover Pages Items 5-9.

(iii)

Sole power to dispose or to direct the disposition of

See Cover Pages Items 5-9.

(iv)

Shared power to dispose or to direct the disposition of

See Cover Pages Items 5-9.

Item 5.

Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the Reporting Persons have ceased to be the beneficial owner of more than five percent of the class of securities, check the following [  ].

Item 6.

Ownership of More than Five Percent on Behalf of Another Person.

Not applicable.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company.

Not applicable.

Item 8.

Identification and Classification of Members of the Group.

See Exhibit B to the Schedule 13G filed with the SEC on February 17, 2015.

Item 9.

Notice of Dissolution of Group.

Not applicable.

Item 10.

Certification.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURES

After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information with respect to it set forth in this statement is true, complete, and correct.

Dated:

February 14, 2017

ISZO CAPITAL LP

By IsZo Capital GP LLC, its General Partner

By:  /s/ Brian L. Sheehy
              Brian L. Sheehy, Managing Member

ISZO CAPITAL GP LLC

By:  /s/ Brian L. Sheehy
             Brian L. Sheehy, Managing Member

ISZO CAPITAL MANAGEMENT LP

By: IsZo Management Corp., as General Partner

By:  /s/ Brian L. Sheehy
                             Brian L. Sheehy, President

 

/s/ Brian L. Sheehy
     Brian L. Sheehy